You’ve heard the commercials, right? If you’re a 40-year-old non-smoker, you can get affordable life insurance? But what if you’re not 40, you do smoke, and, god-forbid, you’re overweight? What then? You’re out of luck? Not necessarily. It may not seem easy to find affordable life insurance for smokers, seniors and overweight people, but it is possible. You just need to know where and how to look.
First, the truth about smokers and life insurance
While many smokers see the effect smoking has on their wallets in terms of cost-per-pack, many smokers overlook the other cost … life insurance. Life insurance for smokers is oftentimes double that of non-smokers. That’s a significant dent in your pocket, making the need to find a better rate extremely important. But how?
Can a smoker find affordable life insurance?
Yes, of course you can. Nearly one quarter of the country smokes, meaning insurance companies need to compete for that market in order to succeed. Affordable life insurance may seem hard to find, but it’s out there. First, it’s important to realize that insurance companies classify smokers differently based on their tobacco intake.
1) Many companies use the terms “moderate” or “heavy” to label your smoking, and adjust your rate accordingly
2) Then again, other companies use “standard” or “preferred.” This is important to note because “preferred” often refers to smokers who are otherwise healthy When searching for a life insurance company, look for one that looks favorably toward your overall health.
If you believe you fall into the category of “preferred,” find a company that offers that distinction. Working with an independent agent can increase your chances of finding a life insurance company that’s perfect for you.That’s because the independent agent will match you with companies who look more favorably toward your specific situation.
It’s also important to note that urine tests are done to assess your level of smoking. Some companies will label you a “smoker” if they find trace amounts of nicotine (such as from smoking an occasional cigar) whereas other companies consider trace amounts as negligible. In short, shop around for the company that best sees your case in the big-picture. You are more than just a smoker, and your life insurance company should agree.
Can a senior find affordable life insurance?
Life insurance is important at any age. If you’ve decided now that you need life insurance, it’s probably for good reason. Perhaps you want to support your spouse; or you have an adult child incapable of self-care. Even if you own a business, getting life insurance as a senior is important. But, with that said, it’s a universal truth that as we age, life insurance becomes more expensive. So, can a senior find affordable life insurance?For starters, let’s just say that every day you wait to get life insurance is another potential day for increased costs. Why’s this? Because the older we are, the shorter our life expectancy is, meaning the less time we have to pay toward our life insurance premium.
So, what are ways to lower your costs?
1) Buy the longest term you can, meaning if you can buy a 20-year term, you’re much better off than buying a 10-year term, and then another 10-year term down the line
2) Work with an independent agent who will help match you to the right insurance company
It can be difficult for a senior to find the same cost of life insurance when they were fifty, vs ten years later, but that doesn’t mean you have to pay an arm and a leg either, even for whole life insurance, reports My Cheap Life Insurance. Do your homework before taking the plunge, and work with an agent who will help you along the way.
Can an overweight person find affordable life insurance?
If you are overweight, you are clearly not alone. Millions of Americans are overweight, and, in fact, obese. With that many people in one demographic, life insurance companies have to be able to meet their needs. So, while it may be difficult to find, it is possible for an overweight person to find affordable life insurance.
What does it mean to be overweight? Being overweight is different from smoking, or being a senior. You either smoke, or you don’t. You’re either a certain age, or you’re not.
But judging if you are overweight is a bit trickier. If you are 10 pounds overweight, you may personally want to shed a few pounds, but that likely will not affect your life insurance rates. But if you are considered obese by your doctor, then you will likely see an impact on your insurance. Using the BMI. In order to get the best insurance rates possible, your BMI (Body Mass Index) will have to fall somewhere between 26 and 28.
But if you’re overweight or obese, you won’ t fit into this span. So, how can you find affordable life insurance (especially whole life insurance). One of the best ways is to work with an independent agent. Why? Because there are many life insurance companies out there that look at more than just your weight. Just like some companies factor in a smoker’s overall health, some companies also factor in your overall health.
If you have good cholesterol, blood pressure and more, then you should be able to find a life insurance company willing to give you an affordable rate. If you eat healthy, exercise, and demonstrate healthy living, then your independent agent will have more tools to work with in finding you affordable life insurance.
Don’t go it alone in your quest of finding affordable life insurance.
Whether you’re a smoker, senior or overweight, you can find affordable life insurance. But, it can be a struggle. It requires research, comparisons, and taking a look at your overall health, rather than just focusing on one aspect. Independent agents can help make this process smoother, so that you can be on your way to affordable rates.
- License: Creative Commons image source
This post was written by Samantha Jones, a registered life insurance agent.